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ceiling, to do something significant about the debt. that would be the catastrophe. >> lehrer: i understand-- >> the american people are waiting for us to act. this is the opportunity. it's an opportunity for both sides to come together and deal with the subject raised by the president's request to raise the debt ceiling, which is, the debt. >> lehrer: but my question is-- >> i understand what your question is, but i believe what would be catastrophic is to leave-- to miss this opportunity presented by the president's request to raise the debt ceiling, to do something genuinely significant about the debt, something that impresses of the markets, impresses foreign countries that the americans are going to get their act together. >> lehrer: and that would be a worse catastrophe than not raising the debt ceiling? >> of course, of course. >> lehrer: nrldz, so you think that-- if the congress fails to pass a legislation that raises the debt ceiling, and all the catastrophe-- that catastrophe happens, that would not be as bad as doing what yo
ceiling, to do something significant about the debt. that would be the catastrophe. >> lehrer: i understand-- >> the american people are waiting for us to act. this is the opportunity. it's an opportunity for both sides to come together and deal with the subject raised by the president's request to raise the debt ceiling, which is, the debt. >> lehrer: but my question is-- >> i understand what your question is, but i believe what would be catastrophic is to leave-- to...
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May 6, 2011
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this morning's meeting came as congress prepares to consider raising the 14.3 trillion debt ceiling-- the amount the federal government can legally borrow. amid concerns of a default on u.s. debt, treasury secretary timothy geithner has given lawmakers more time to negiate. in a letter to congress monday, he extended the default deadline from may 16 to august 2. exiting today's budget session, biden told reporters progress had been made. the bipartisan team will meet again next tuesday. lori montgomery is covering the story for the "washington post" and joins us now. lori, what was the headline coming out of today's meeting? >> i think the headline was that these guys are coming into the room prepared to work together. i mean, ther's been a lot--. >> sreenivasan: that is a headline, isn't it? we don't hear that too often. >> we don't hear that too often, and we have had partisanship sniping over the. ing resolution that keeps the government running through the year, relatively small potatoes. but now these guys are come both room to do the big stuff, to talk about big changes over the
this morning's meeting came as congress prepares to consider raising the 14.3 trillion debt ceiling-- the amount the federal government can legally borrow. amid concerns of a default on u.s. debt, treasury secretary timothy geithner has given lawmakers more time to negiate. in a letter to congress monday, he extended the default deadline from may 16 to august 2. exiting today's budget session, biden told reporters progress had been made. the bipartisan team will meet again next tuesday. lori...
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Jul 12, 2011
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ceiling and that the debt ceiling should be raised. is that fair, that that is an area of agreement s that fair to say? >> i think there is an area of agreement that says the trajectory of spending in washington, d.c. fundamentally has to change. there was a bipartisan vote a few weeks ago in the house of representatives that rejected on a bipartisan basis the notion of simply raising the debt ceiling without any preconditions. and what i think speaker boehner and others have said and what i'm hearing from my congressional district is that any increase in the debt ceiling needs to be coupled with cuts that are deeper than the increase. >> ifill: we're talking about cuts, we were talking last friday, at least the president and speaker boehner seemed to be talking in the range of $4 trillion. now today at the hearing we are hearing they were talking more in the range of $2 trillion. what is acceptable for republicans. >> well, i think the big stumbling block right now is the president's insistence on raising taxes. and i think we need to
ceiling and that the debt ceiling should be raised. is that fair, that that is an area of agreement s that fair to say? >> i think there is an area of agreement that says the trajectory of spending in washington, d.c. fundamentally has to change. there was a bipartisan vote a few weeks ago in the house of representatives that rejected on a bipartisan basis the notion of simply raising the debt ceiling without any preconditions. and what i think speaker boehner and others have said and...
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Jan 8, 2013
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government debt, u.s. government bonds again. >> you fast forward to the debt ceiling. i think that's the mirror image of the fiscal cliff. because the default, if nothing happens, is that the debt ceiling is not raised. what that means it doesn't mean, as some who would demagogue this issue suggest, i doesn't mean a default on our debt. whatnot raising the debt ceiling would mean is a partial government shutdown. roughly 40 cents of every dollar the federal government spends is borrowed. if you don't raise the debt ceiling, that 40 cents is temporarily stopped. now we did that in 1995. we didn't default on our debt. >> woodruff: right. the result was balanced budgets and some of the greatest fiscal responsibility was seen we've seen in modern times from congress because fiscal conservatives stood together and said we need to be responsible. >> woodruff: let me ask you about a couple of other issues. that is guns. you're a long-time proponent of gun rights. you're the father of two young girls ages 4 and 2. after those terrible shootings at that h elementary school in c
government debt, u.s. government bonds again. >> you fast forward to the debt ceiling. i think that's the mirror image of the fiscal cliff. because the default, if nothing happens, is that the debt ceiling is not raised. what that means it doesn't mean, as some who would demagogue this issue suggest, i doesn't mean a default on our debt. whatnot raising the debt ceiling would mean is a partial government shutdown. roughly 40 cents of every dollar the federal government spends is borrowed....
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Jan 4, 2013
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ceiling ceiling increases it is the norm. 11 out of the 14 previous debt ceiling increases have legislation to affect the greater deficit with them. so we should recognize that's how it's going to end up. the president should put the legislation he wants on the table and we should go from there. we shouldn't have this silliness that somehow we're going to raise the debt ceiling and ignore the debt. >> brown: but i'm wondering now, you all three watched the economics of our political system and we saw judy's piece looking at a new congress. a lot of people are talking about a broken political system, looking at what just happened. >> it feels broken right now. it feels like we should have a political system that is not up to making difficult choices and solving hard problems. and compromising when it's so much easier to just pull back and start sort of playing the blame game. but this is too important. when we're talking about health care costs or the aging of society these are issues we know are there and we're going to disagree about the way to address them but you can't pretend we don't h
ceiling ceiling increases it is the norm. 11 out of the 14 previous debt ceiling increases have legislation to affect the greater deficit with them. so we should recognize that's how it's going to end up. the president should put the legislation he wants on the table and we should go from there. we shouldn't have this silliness that somehow we're going to raise the debt ceiling and ignore the debt. >> brown: but i'm wondering now, you all three watched the economics of our political...
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Jul 15, 2011
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debt ceiling continued. good evening, i'm judy woodruff. >> suarez: and i'm ray suarez. on the "newshour" tonight, we have the latest on the negotiation, the politics and the proposals aimed at avoiding a government default. >> woodruff: then, we interview deputy secretary of defense william lynn about the pentagon's plans for combatting cyber attacks. >> suarez: gwen ifill examines a new crackdown on multiple purchases of semi-automatic weapons in border states. >> woodruff: we continue our collaboration with "the economist" magazine to highlight the art of filmmaking. tonight: slum dwellers in kenya resist development projects aimed at helping them. >> suarez: and jeffrey brown talks with historian david mccullough about 19th century artists and thinkers who brought lessons home after living in paris. >> these were people who created the american look. people don't realize to what degree we are affected the french and by french history. >> woodruff: that's all ahead on tonight's "newshour." major funding for the pbs newshour has been provided by: >> oil companies make
debt ceiling continued. good evening, i'm judy woodruff. >> suarez: and i'm ray suarez. on the "newshour" tonight, we have the latest on the negotiation, the politics and the proposals aimed at avoiding a government default. >> woodruff: then, we interview deputy secretary of defense william lynn about the pentagon's plans for combatting cyber attacks. >> suarez: gwen ifill examines a new crackdown on multiple purchases of semi-automatic weapons in border states....
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>> ifill: it sounds like he's more concerned about the debt ceiling battle than anything else? >> i think he's right. what ben bernanke fears most is the kind of thing the fed can't do anything about which is a financial crisis brought about not by external factors but self-induced by congress not playing games with the debt ceiling. >> ifill: let's play elephants in the room. because the question that he was going to be asked today and which, of course, he found a way not to answer which is -- about who's going to succeed him. but we don't know officially that he's leaving. >> that's right. his term is up january 31, he has studiously avoided even commenting on his own future plans. it's crystal clear to anyone who follows this stuff carefully that ben bernanke is planning to step down. his term is up at the end of january and now we're getting clear indications of what direction is president is leaning in appointing a replacement. it looks like janet yellen, the current vice chair of the fed to follow bernanke. >> ifill: let's talk about the people in line to replace bernanke
>> ifill: it sounds like he's more concerned about the debt ceiling battle than anything else? >> i think he's right. what ben bernanke fears most is the kind of thing the fed can't do anything about which is a financial crisis brought about not by external factors but self-induced by congress not playing games with the debt ceiling. >> ifill: let's play elephants in the room. because the question that he was going to be asked today and which, of course, he found a way not to...
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Jul 26, 2011
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has increased the debt ceiling 53 times. this would be the first time it would not be achieved in time. what the effect is, nobody knows for certain. i think the effect shows not so much in the losses we see in the monday session but in the trading. traders are very cautious, and nobody is ready to place any bets in this environment. >> the debt crisis in the eurozone is still a major topic of discussion. the efforts to help greece do not appear to be calming markets. >> what is really likely, at least in the short term, is there will likely be some kind of a default in greece. that is why u.s. rating agency moody's cut grease that again by three notches -- greek debt again by three notches. you would guess the dollar would be under pressure, but it is gaining in comparison to the euro. it shows how confusing all the debt issues are on the other side of the atlantic. >> what can we expect in the coming days? >> basically, the debt issues will remain in front of investors' minds. on top of it, we will get dozens of earnings r
has increased the debt ceiling 53 times. this would be the first time it would not be achieved in time. what the effect is, nobody knows for certain. i think the effect shows not so much in the losses we see in the monday session but in the trading. traders are very cautious, and nobody is ready to place any bets in this environment. >> the debt crisis in the eurozone is still a major topic of discussion. the efforts to help greece do not appear to be calming markets. >> what is...
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i will not negotiate over the debt ceiling. congress has to do its job. >> woodruff: when it mes to the republicans jake sherman, you've been talking to some of the folks on the hill. they were digging in their heels just as much as the president was. what was their reaction? >> i think they have... they see this situation as three big issues: the government funding issue. that runs dry at the end of march. the debt ceiling. and these automatic spending cuts that take hold at the beginning of march. they want to use these opportunities. they don't think it's so bad to shut down the government or to default on the debt. they are even skeptical of the administration's estimates of when that will happen. so they see themselves really having very little leverage besides doing something which a lot of americans would consider extreme which is defaulting on the debt or shutting down the government. now i think it's virtually impossible that speaker john boehner will raise the debt ceiling without commensurate spending cuts. he's way
i will not negotiate over the debt ceiling. congress has to do its job. >> woodruff: when it mes to the republicans jake sherman, you've been talking to some of the folks on the hill. they were digging in their heels just as much as the president was. what was their reaction? >> i think they have... they see this situation as three big issues: the government funding issue. that runs dry at the end of march. the debt ceiling. and these automatic spending cuts that take hold at the...
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but at the end of the day, congress should raise the debt creeling and congress will raise the debt ceiling. they always do. >> last question: the federal reserve. you know the importance of the federal reserve. you work very closely with the chairman during the financial crises. today there's big question about who is going to replace ben bernanke, and larry summers has taken him name out. a lot of attention on janet yelin. knowing what you know of her is she someone that is qualified to be chairman? >> judy, the fed job is a very important job. and i have been very disturbed by all of the politicking around it and the whole way this situation has been handled. all i know is good things about janet yelin. i don't know her well. i met her a couple of times. there are number of good candidates. i also have a high regard for larry summers. >> when you speaking of politicking around the fed chairmanship what does that say to you about the concern out there in congress and elsewhere, about government -- the role of the government, in awful this. >> what it says to me is that we have dysfunction
but at the end of the day, congress should raise the debt creeling and congress will raise the debt ceiling. they always do. >> last question: the federal reserve. you know the importance of the federal reserve. you work very closely with the chairman during the financial crises. today there's big question about who is going to replace ben bernanke, and larry summers has taken him name out. a lot of attention on janet yelin. knowing what you know of her is she someone that is qualified to...
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and you have this debt ceiling. you have a debt ceiling looming in a couple months. john boehner has something called "the boehner rule" which i think will become the new fiscal cliff key word. you want $1 in deficit increase, i want $1 in spending cuts. and the president is saying i'm not going to negotiate at all. so & that strikes in two months. un, that's-- somebody's going to have to give on that, and, you know, it could get really ugly really fast. >> woodruff: neil irwin, if you're looking at this economy right now and looking at this legislation, does it have an impact on the american economy ounemployment? >> so there are some mild negatives that come from the higher taxes, especially the payroll tax holiday we talked beven higher income tax rates ray negative for growth. that said, this economy has been plugging along. what steve is talking about are some really dangerous things. we're heading into another standoff over the debt ceiling. we all remember how that worked out in august 2011. it hurt business confidence. it floated the possibility of a federal
and you have this debt ceiling. you have a debt ceiling looming in a couple months. john boehner has something called "the boehner rule" which i think will become the new fiscal cliff key word. you want $1 in deficit increase, i want $1 in spending cuts. and the president is saying i'm not going to negotiate at all. so & that strikes in two months. un, that's-- somebody's going to have to give on that, and, you know, it could get really ugly really fast. >> woodruff: neil...
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we don't have a debt ceiling problem, what we have is a debt problem. >> reporter: ohio republican >> i stuck my neck out a mile to try to get an agreement with the president of the united states. i stuck my neck out a mile. i put revenues on the table. in order to try to come to an agreement to avert us being where we are. but a lot of people in this town can never say yes. a lot of people can never say yes. this house has acted, and it is time for the administration and time for our colleagues across the aisle put something on the table! tell us where you are! >> reporter: democratic senator chuck schumer of new york said boehner's new plan was even worse than the original. >> it wouldn't just make a default likely, it will guarantee a default. so the boehner proposal says we won't default now, but we promise you we will default by january. it is an absurd, absurd proposition. >> reporter: the senate's top republican mitch mcconnell accused democrats of standing in the way of progress. >> rather than working these last few days towards a solution to this crisis the way the republica
we don't have a debt ceiling problem, what we have is a debt problem. >> reporter: ohio republican >> i stuck my neck out a mile to try to get an agreement with the president of the united states. i stuck my neck out a mile. i put revenues on the table. in order to try to come to an agreement to avert us being where we are. but a lot of people in this town can never say yes. a lot of people can never say yes. this house has acted, and it is time for the administration and time for...
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Dec 1, 2011
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and i think now they look at the debt ceiling agreement and the debt reduction commission and think that this, too, is washington at its worst. but when health care was being debated it was the democrats in charge, now it's the republicans so the g.o.p. is taking some of the blame. >> ifill: but the tea party has remained as active or not in these... in these districts and in the media. >> well, i think certainly tea party has remained active. but i think there's more of a split now between tea party activists at home and tea party lawmakers in washington and i think their goals often don't merge. when you look at earlier polls, poll wes did at the time in july during the debt ceiling debate, tea party supporters wanted republicans and democrats to find some compromise and they thought the debt ceiling agreement should include both tax increases and cuts in spending whereas tea party lawmakers were saying we're not going to compromise and do anything like raise taxes, we're not even going to close tax loopholes because that might be seen as a tax increase. it's got to be done purely thro
and i think now they look at the debt ceiling agreement and the debt reduction commission and think that this, too, is washington at its worst. but when health care was being debated it was the democrats in charge, now it's the republicans so the g.o.p. is taking some of the blame. >> ifill: but the tea party has remained as active or not in these... in these districts and in the media. >> well, i think certainly tea party has remained active. but i think there's more of a split now...
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>> if the debt crisis and the debt ceiling was really that important, if it was that important to put on the u.s. economy on a path to fiscal rectitude, i think congress should be back. i think they should be working on it now. so i think it's a mistake to let them go home. >> woodruff: all right. well, we will, i know we're going to be coming back to all these issues again. and we thank you both for being with us. catherine mann, andrew ross sorkin, thank you. >> thank you. >> thank you. >> warner: still to come on the "newshour": the task ahead for the congressional debt committee; what's at stake for republicans in iowa; what's behind the riots in britain and one man's view on fixing health care. but first, the other news of the day. here's hari sreenivasan. >> sreenivasan: a roadside bomb in southern afghanistan killed five more u.s. troops today. the u.s. military did not release details of the attack. it came less than a week after 30 americans died when taliban militants shot down their helicopter. in all, at least 50 members of the nato-led force have died so far in august. wi
>> if the debt crisis and the debt ceiling was really that important, if it was that important to put on the u.s. economy on a path to fiscal rectitude, i think congress should be back. i think they should be working on it now. so i think it's a mistake to let them go home. >> woodruff: all right. well, we will, i know we're going to be coming back to all these issues again. and we thank you both for being with us. catherine mann, andrew ross sorkin, thank you. >> thank you....
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Jul 9, 2011
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ceiling. >> we're up against the debt limit. and while some think that, you know, we can go past august the 2nd, i frankly think it puts us in an awful lot of jeopardy and puts our economy in jeopardy, risking even more jobs. >> the sooner that the markets know that the debt limit ceiling will have been raised and that we have a serious plan to deal with our debt and deficit, the sooner that we give our businesses the certainty that they will need in order to make additional investments to grow and to hire. >> brown: the president also called again for congress to extend a payroll tax cut and ratify trade agreements. white house economist austan goolsbee said those proposals and others would cut unemployment by a full point to 8.2% by next year's presidential election. for a closer look at today's numbers, we turn to cecilia cond, an ecomisand dean of the faculty at pomona college in california; and diane swonk, chief economist for mesirow financial, a chicago-based firm. so, diane swonk, disappointment all around. what jumps ou
ceiling. >> we're up against the debt limit. and while some think that, you know, we can go past august the 2nd, i frankly think it puts us in an awful lot of jeopardy and puts our economy in jeopardy, risking even more jobs. >> the sooner that the markets know that the debt limit ceiling will have been raised and that we have a serious plan to deal with our debt and deficit, the sooner that we give our businesses the certainty that they will need in order to make additional...
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ceiling. >> we got the debt limit out of the way so that we weren't jeopardizing thfull faith and credit of the united states vernment. at some point, washington has to deal with its spending problem. i've watched them kick this can down the road for 22 years that i've been here. i've had enough of it. time to act. >> sreenivasan: at the white house, spokesman jay carney it's the republicans who are being irresponsible, by rejecting the president's appeal out of hand. >> he put forward a proposal for avoiding that outcome while congress continues working on longer term deficit reduction. that's the sensiblehingo do. why make-- why punish the american people because you haven't been able to achieve your ideological objectives through other means? >> sreenivasan: in another development, the associated press reported the u.s. military is cutting back from two aircraft carriers to one, in the persian gulf. the report cited u.s. officials who said it's a direct response to the looming, across-the-board cuts. u.s. and british regulators have fined the royal bank of scotland more than $610 mill
ceiling. >> we got the debt limit out of the way so that we weren't jeopardizing thfull faith and credit of the united states vernment. at some point, washington has to deal with its spending problem. i've watched them kick this can down the road for 22 years that i've been here. i've had enough of it. time to act. >> sreenivasan: at the white house, spokesman jay carney it's the republicans who are being irresponsible, by rejecting the president's appeal out of hand. >> he...
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we have expiring tax cuts, huge spending cut and the debt ceiling increase. those are three legislative nuclear weapons all about to go off. and everybody is holding one of them hostage. >> woodruff: but the fact that the speaker is talking about it now, todd zwillich, does that mean something can be done about it in the near future? >> something can always be done. congress makes the laws. the president signses the laws. sure, something can be done. will it? not until after the election. and in terms of the debt limit maybe not until after new year's. you saw jay carney say we're not going do is again. you say, well, mr. president efficient debt limit expires, you kind of are. they have a little power over this. tim geithner, the treasury secretary said yesterday essentially the speaker's threat is largely hollow because we have some tools and if the debt limit expires in late november or december, we can-- we can-- we have some tools in treasure tow extend things out. this may come after new year's and maybe it won't come down to a debt limit showdown. the
we have expiring tax cuts, huge spending cut and the debt ceiling increase. those are three legislative nuclear weapons all about to go off. and everybody is holding one of them hostage. >> woodruff: but the fact that the speaker is talking about it now, todd zwillich, does that mean something can be done about it in the near future? >> something can always be done. congress makes the laws. the president signses the laws. sure, something can be done. will it? not until after the...
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Jan 16, 2013
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debt, it would join standard and poor's, which took that action in 2011 during the last debt ceiling debate. the u.s. house moved to pass a hurricane sandy relief bill this evening. $17 billion would go for immediate recovery in the affected northeastern states. another $33 billion is for long- term spending. some republicans argued that much of the money isn't for emergency relief at all. california's tom mcclintock called for stripping that funding out. >> according to the congressional budget office, more than 90% of this money won't even be spent this year. that's not emergency relief. $16 billion is to quintuple the size of the community development block grant program. that's the slush fund that pays for such dubious projects as doggie day care centers and doesn't even have to be spent in the hurricane area. >> sreenivasan: other republican >> sreenivasan: other republicans joined with most democrats to reject offsetting spending cuts. instead, lawmakers from the northeast urged the house to pass the storm aid now. new york democrat hakeen jeffries said it's already taken too l
debt, it would join standard and poor's, which took that action in 2011 during the last debt ceiling debate. the u.s. house moved to pass a hurricane sandy relief bill this evening. $17 billion would go for immediate recovery in the affected northeastern states. another $33 billion is for long- term spending. some republicans argued that much of the money isn't for emergency relief at all. california's tom mcclintock called for stripping that funding out. >> according to the congressional...
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now, the president has proposed he be given authority to raise the debt ceiling without congressional action. house republicans reject that idea. and they've called for raising revee wthout rate hikes, plus major savings in entitlement programs. the president argued today a partial deal is possible on taxes, if the g.o.p. will agree to raise rates on the top 2%. >> and if we can get the leadership on the republican side to take that framework, to acknowledge that reality, then the numbers actually aren't that far apart. another way of putting this is, we can probably solve this in about a week. >> reporter: despite issuing a warning to congressional republicans, the president also expressed optimism that some gop lawmakers may be warming to the idea of allowing taxes on the wealthy to rise. but here at the capitol today, congressional republican leaders said the president should focus less on tax increases and more on spending cuts >> we put an offer on the table. now he has out of hand rejected that. where are the specifics? where are the discussions? nothing is going on. meanwhile t
now, the president has proposed he be given authority to raise the debt ceiling without congressional action. house republicans reject that idea. and they've called for raising revee wthout rate hikes, plus major savings in entitlement programs. the president argued today a partial deal is possible on taxes, if the g.o.p. will agree to raise rates on the top 2%. >> and if we can get the leadership on the republican side to take that framework, to acknowledge that reality, then the numbers...
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in connecticut saturday, speaker boehner said there is a moral obligation to raise the debt ceiling so the government can legally borrow what it needs to operate. but he said republicans would demand concessions. >> how can you raise the debt limit without dealing with the problem that's causing us is to have to increase the debt limit. there is no plan to deal with the debt that we're facing. and i can just tell you this. that there will not be an increase in the debt limit without something really, really big attached to it. >> reporter: this afternoon white house press secretary jay carny warned the consequences of not raising the debt ceiling would be catastrophic. >> it is to hold hostage in return for an exchange for some proposal that one party wants. it's not the way to treat this issue. it's too dangerous to do it that way. >> reporter: carney also said the president now regrets his own vote against raising the debt ceiling in 2006 when he served in the senate. the new vote could come as early as mid-may. at the same time, lawmakers will be sparring over the 2012 budget. th
in connecticut saturday, speaker boehner said there is a moral obligation to raise the debt ceiling so the government can legally borrow what it needs to operate. but he said republicans would demand concessions. >> how can you raise the debt limit without dealing with the problem that's causing us is to have to increase the debt limit. there is no plan to deal with the debt that we're facing. and i can just tell you this. that there will not be an increase in the debt limit without...
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. >> holman: president obama notified congress last week that the debt ceiling increase was needed. under last summer's debt and budget agreement, the increase is automatic, unless both houses of congress vote against it. the world bank is warning that europe's continuing debt troubles could trigger a new, global downturn that would especially harm emerging economies. in a report today, the bank said countries such as brazil and india should brace for a global recession potentially worse than the crisis of 2008. the bank projected world economic growth of 2.5% this year. that's down a full percentage point from an estimate last june. wall street rallied today on encouraging news about factory output and housing. the dow jones industrial average gained nearly 97 points to close just under 12,579 -- its best finish since july. the nasdaq rose more than 41 points to close above 2769. that wrecked cruise ship off northern italy shifted again today, forcing rescue workers to call another halt to operations. the problem was highlighted by a satellite image from "digital globe", showing th
. >> holman: president obama notified congress last week that the debt ceiling increase was needed. under last summer's debt and budget agreement, the increase is automatic, unless both houses of congress vote against it. the world bank is warning that europe's continuing debt troubles could trigger a new, global downturn that would especially harm emerging economies. in a report today, the bank said countries such as brazil and india should brace for a global recession potentially worse...
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Jun 1, 2011
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do i hear you saying that raising the debt ceiling may not have to happen? >> no, what i'm saying is any raise of the debt ceiling has to be pre-conditioned upon cuts that drive towards a real economic recovery and long-term growth and prosperity and job creation. the whole notion of just simply moving along and giving the white house a blank check is a complete non-starter. >> woodruff: picking up on that, congressman clyburn, we know that your colleague steny hoyer, the house democratic whip, has said that everything has to be on the table in these talks going on under vice president biden, including medicaid. is that something that you accept? >> let me remind listeners and watchers, judy, last november the democrats addressed medicare in the continuing resolution that we passed. and that continuing resolution had a $500 million cut in medicare. did not cut one dime out of medicare benefits. it cut $500 million out of the providers' side. so i think that we have demonstrated that we know how to address the medicare problems. we can do so without cutting o
do i hear you saying that raising the debt ceiling may not have to happen? >> no, what i'm saying is any raise of the debt ceiling has to be pre-conditioned upon cuts that drive towards a real economic recovery and long-term growth and prosperity and job creation. the whole notion of just simply moving along and giving the white house a blank check is a complete non-starter. >> woodruff: picking up on that, congressman clyburn, we know that your colleague steny hoyer, the house...
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but we're going to default if we don't raise the debt ceiling by august 2. in fact if you take interest off the table to be paid first to avoid default we've got to cut 50% of other spending and that will be default on other congressional mandated spending. >> it's interesting there's another standoff in washington. in fact what is this prolonged debate all about. >> well the debt ceiling is an odd provision of law that's off the stage for years at a time and comes on the stage and everything depends on it. what this really is about is allowing the executive branch to have the money to carry out congress' spending orders. in our system of government, congress decides how much to spend and what to spend it on and orders the executive branch to do that. the executive branch is supposed to do that. the executive branch has no independent role which laws to obey and which not. in this situation, the executive branch, the separation will be unable to pay about half of our non-interest bills for the rest of august if the debt ceiling's not raised. we've never defa
but we're going to default if we don't raise the debt ceiling by august 2. in fact if you take interest off the table to be paid first to avoid default we've got to cut 50% of other spending and that will be default on other congressional mandated spending. >> it's interesting there's another standoff in washington. in fact what is this prolonged debate all about. >> well the debt ceiling is an odd provision of law that's off the stage for years at a time and comes on the stage and...
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you have the michele will bachmann and other was don't take the debt ceiling as seriously. mark, she's become a darling in iowa. we are watching her numbers, she's running for president. the congresswoman from minnesota. does that say that there is more support out there among republicans for this view that debts matter and that you know, whatever, the ratings agencies, and the federal reserve board chairman says really can be ignored. >> and the business community. >> and the financial community. >> i mean you can say at one level you got to admire the republicans in the house because they are indifferent to the economic interests of their party that have expressed themselves but micheleback mann is fascinating. i think what this shows is her appeal in iowa among iowa republicans by her all-out unequivocal opposition to is rag the debt ceiling. but also shows her feeling as a potential presidential candidate. i think it will help her in the poll in iowa which is in early august. but i think, judy, it really cripples her as a general election candidate because it is a level
you have the michele will bachmann and other was don't take the debt ceiling as seriously. mark, she's become a darling in iowa. we are watching her numbers, she's running for president. the congresswoman from minnesota. does that say that there is more support out there among republicans for this view that debts matter and that you know, whatever, the ratings agencies, and the federal reserve board chairman says really can be ignored. >> and the business community. >> and the...
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both sides pledged sunday not to play politics with the debt ceiling. >> congress is going to have to raise the debt limit. they understand that. that's absolutely essential to preserve the credit worthiness of the united states of america. >> nobody wants to play around with the country's credit rating. nobody wants to see default happening. >> woodruff: the federal government is expected to reach its borrowing limit as early as mid may. for a closer look now at the financial for a closer look now at the financial and political impact this story had today-- and may have beyond-- we turn to two people. nick perna watches the markets and many other economic issues as the managing director of perna associates, a consulting firm. and james politi, a reporter with the "financial times" here in washington. we thank you both for being with us. nick perna, to you first. what exactly is standard and poors saying with this anoujs ment and what are they basing it on? >> what they've looked at is the level and prospect of growth of u.s. deficits and indebtedness and it gives them cause for conce
both sides pledged sunday not to play politics with the debt ceiling. >> congress is going to have to raise the debt limit. they understand that. that's absolutely essential to preserve the credit worthiness of the united states of america. >> nobody wants to play around with the country's credit rating. nobody wants to see default happening. >> woodruff: the federal government is expected to reach its borrowing limit as early as mid may. for a closer look now at the financial...
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republicans have demanded major spending cuts as the price for increasing the debt ceiling. if there is no agreement, the government could default by early august. the main opposition party in greece has rejected the prime minister's call for more spending cuts to control the country's spiraling debt. the news today raised new concerns about europe's financial stability. and that, in turn, undercut any momentum on wall street. the dow jones industrial average lost 25 points to close at 12,356. the nasdaq fell more than 12 points to close at 2,746. the national transportation safety board has found no definitive cause for the plane crash that killed former senator ted stevens of alaska and four others last year. the report today said the pilot was "temporarily unresponsive" before the small plane went down near dillingham, alaska. it also said a warning system, which could have told him he was approaching a mountain, had been inhibited. there were no indications of mechanical problems, and toxicology reports ruled out drugs, though the pilot and his family had a history of st
republicans have demanded major spending cuts as the price for increasing the debt ceiling. if there is no agreement, the government could default by early august. the main opposition party in greece has rejected the prime minister's call for more spending cuts to control the country's spiraling debt. the news today raised new concerns about europe's financial stability. and that, in turn, undercut any momentum on wall street. the dow jones industrial average lost 25 points to close at 12,356....
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on the stalemate in washington over the debt ceiling and budget deficits. some pbs stations will be leaving us now and we will see you again here tomorrow night. for others, the pbs fusshour continues in a moment. -- pbs newshour conditions in a moment. >> ifill: so as washington struggles with a solution what might americans have to fear if an agreement isn't reached in time. for that i spoke earlier this evening with nariman behravesh of ihs insight and kill huh of the pew center of the state. >> we were talking about consequences here tonight. they seem to move a few steps forward, a few steps back, which are the consequences we think are are theoretical and which ones are rule? >> well, i think a default is theoretical in the sense that the treasury department would not default on our interest payments. that would be a top priority. so i don't think there will even be a technical default. that's the least likely of all the scenarios. the most likely if in fact we go past the august 2 deadline is in fact slashing all kinds of spending including, one has
on the stalemate in washington over the debt ceiling and budget deficits. some pbs stations will be leaving us now and we will see you again here tomorrow night. for others, the pbs fusshour continues in a moment. -- pbs newshour conditions in a moment. >> ifill: so as washington struggles with a solution what might americans have to fear if an agreement isn't reached in time. for that i spoke earlier this evening with nariman behravesh of ihs insight and kill huh of the pew center of the...
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what some members are even more concerned about is the debt ceiling. we heard from the treasury department today that it's just a few weeks away from the country -- the government exceeding the permitted debt ceiling. do you think we're going to see another showdown like this over that? >> any time the president comes to congress asking for the authority to increase the debt burden on our children and grandchildren we should have a debate. we should have discussion. and if we're going to increase that debt burden on our kids and grand kids there should be something given in exchange in terms of some level of fiscal discipline so, yeah, i think there's going to be a debate. >> woodruff: senator warner? >> listen, i laid out a plan that was based on the simpson bowles plan, the so-called gang of six plan that would have got us where we needed to go. it wasn't perfect but it showed real entitlement reform and real revenue generation. that's a fair debate. but to basically put in jeopardy at this moment with the world economy teetering the full faith and c
what some members are even more concerned about is the debt ceiling. we heard from the treasury department today that it's just a few weeks away from the country -- the government exceeding the permitted debt ceiling. do you think we're going to see another showdown like this over that? >> any time the president comes to congress asking for the authority to increase the debt burden on our children and grandchildren we should have a debate. we should have discussion. and if we're going to...
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lawmakers to reach a deficit agreement and raise the debt ceiling. >> we wouldn't want to get into hypotheticals, but suffice it to say it should be self-evident. a debt default in the u.s. government debt market would have very serious, far-reaching, dramatic repercussions. and that's why we are confident it will be avoided. >> brown: toward that end, the president met this afternoon with senate democratic leaders, looking for a way to move the discussions forward. and with the president blasting lawmakers, we get a response from two senators: wyoming republican john barrasso, a member of his party's leadership team. and new jersey democrat robert menendez, who sits on the finance committee. senator barrasso, start with you the president said he thinks the republicans must and will give some ground on tax revenues. will they? is there any room for movement? >> no, there really is not. 9.1% unemployment, the worst thing we should do is raise taxes on anyone during economic times like these. we want to get people back to work. the way to increase revenue for the government is to get people back t
lawmakers to reach a deficit agreement and raise the debt ceiling. >> we wouldn't want to get into hypotheticals, but suffice it to say it should be self-evident. a debt default in the u.s. government debt market would have very serious, far-reaching, dramatic repercussions. and that's why we are confident it will be avoided. >> brown: toward that end, the president met this afternoon with senate democratic leaders, looking for a way to move the discussions forward. and with the...
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all that raising the debt ceiling does is indicate we're going to pay our bills. we already accrued. >> sreenivasan: the treasury department has said the government will hit the debt ceiling and risk default by early august. fire crews in northern new mexico struggled today against an aggressive wildfire near los alamos. the blaze has spread across 93 square miles in the mountains above the town, and more than 12,000 people have been evacuated. but the director of the los alamos nuclear weapons laboratory said the facility remained secure. >> we have analyzed all of our nuclear facilities. we've analyzed them for fire. we've analyzed them for wild land fire. we've mitigated those risks. all of them have mitigation. and i'm nfident, given the team that we have, that we can protect those facilities. >> sreenivasan: the wildfire spawned a spot fire on the los alamos lab property yesterday, but it was quickly contained. some 34,000 japanese children will be given radiation meters in order to monitor the impacts of long-term exposure. the announcement today affects chi
all that raising the debt ceiling does is indicate we're going to pay our bills. we already accrued. >> sreenivasan: the treasury department has said the government will hit the debt ceiling and risk default by early august. fire crews in northern new mexico struggled today against an aggressive wildfire near los alamos. the blaze has spread across 93 square miles in the mountains above the town, and more than 12,000 people have been evacuated. but the director of the los alamos nuclear...